How much is in your 529 and how old is your DC?

[Anonymous]

6,5,2
Zero saved.

[Anonymous]

Almost 6 year old : 14,000
2 year old: 4,000

[Anonymous]

4 and 2 year old.

$9,000 each.

How much should I have?

[Anonymous]

2yo
Zero saved
I am reluctant since we are not perm residents
We have about 90k in various assets though

[Anonymous]

Silly thread. Wonder where your kids will go to college? Prepaid plans don't help much unless they go in state .

[Anonymous]

And then, not much. Plan on spending a lot of your after-tax take home pay on education.

[Anonymous]

Anonymous wrote:6 yo 120K
3 yo 60K

Just kidding ... This is stressing me out! We have 20K in one. Why have 2? Any extra in 529 for #1 can be used for #2,

Why have 2? Because all VEST account owners who have Virginia taxable income and file Virginia income tax returns can deduct from their Virginia taxable income up to $4,000 per year per account. Say you have two kids--you and your husband can each open an account for each of your kids, for a total of 4 accounts. That way, you jointly can deduct $16,000 a year from your state taxes. If you put that same $16,000 in a single account, you could only deduct the first $4000. Obviously if you are putting in less than $4k a year total you only need one account, but there is a valid reason for having more than one account.

[Anonymous]

Anonymous wrote:

Anonymous wrote:6 yo 120K
3 yo 60K

Just kidding ... This is stressing me out! We have 20K in one. Why have 2? Any extra in 529 for #1 can be used for #2,

Why have 2? Because all VEST account owners who have Virginia taxable income and file Virginia income tax returns can deduct from their Virginia taxable income up to $4,000 per year per account. Say you have two kids--you and your husband can each open an account for each of your kids, for a total of 4 accounts. That way, you jointly can deduct $16,000 a year from your state taxes. If you put that same $16,000 in a single account, you could only deduct the first $4000. Obviously if you are putting in less than $4k a year total you only need one account, but there is a valid reason for having more than one account.

Just realize that the actual tax savings on a dollar basis is about $230 for each $4,000 contributed.

[Anonymous]

9 and 7 yr olds.
30K each plus 7 years of prepaid tuition at UMD.
Plan to add $300 per month each up to 60 K each.
Will pay the rest when the time comes.

[Anonymous]

Anonymous wrote:Silly thread. Wonder where your kids will go to college? Prepaid plans don't help much unless they go in state .

Can you explain this more? How is the 529 going to not be accepted??

[Anonymous]

Anonymous wrote:

Anonymous wrote:Silly thread. Wonder where your kids will go to college? Prepaid plans don't help much unless they go in state .

Can you explain this more? How is the 529 going to not be accepted??

pp means prepaid tuition plans won't pay the cost if dc go private or out-of-state tuition.

that said, you still get the value of the prepaid tuition to go instate if that happens.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Silly thread. Wonder where your kids will go to college? Prepaid plans don't help much unless they go in state .

Can you explain this more? How is the 529 going to not be accepted??

pp means prepaid tuition plans won't pay the cost if dc go private or out-of-state tuition.

that said, you still get the value of the prepaid tuition to go instate if that happens.

No that is not right:
529 Plans can be used to meet costs of qualified colleges nationwide. In most plans, your choice of school is not affected by the state your 529 savings plan is from. You can be a CA resident, invest in a VT plan and send your student to college in NC.

[Anonymous]

3 yo, $16K

[Anonymous]

14 yo. 250K

[Anonymous]

8 and 6. 50 and 30k